St. James Apartments is a Section 42 Tax
Credit Project which means that federal tax credit subsidies were
given to help finance the property. Because of the subsidies
received, the owner is required to hold the maximum rent charged at
or below a level considered appropriate for the households that
have incomes at or below 60% of the median household income for the
county. This maximum rent that can be charged is calculated at
60% and 80% of the median monthly household income less a utility
allowance which is determined by the Department of Housing and
Urban Development. Applicants must also qualify to live in the
community by demonstrating that their annual household income is at
or below 60% of the median income for the county where the
community is located.

Below are two lists, one is the maximum
household incomes allowed to qualify for residency based on the
number of people in the household, and the second is the maximum
allowable rent for the studio, one and two bedroom
apartments.

Number of Occupants

Maximum Household
Income

Apartment Size

Maximum Allowable Rent
Limit

60%

80%

60%

80%

1

$31,560

$42,080

Studio

$739

$1,002

2

$36,060

$48,080

1 Bedroom

$781

$1,063

3

$40,560

$54,080

2 Bedroom

$936

$1,274

4

$45,060

$60,080

5

$48,720

$64,960

If your annual household income from all
sources is at or below the amounts shown above, you may qualify to
be a resident and pay the below market rent. Before a final
determination regarding your eligibility can be made, you need to
fill out an application and go through the certification
process. The process is simple and is handled by the on site
management staff. Please see the site staff for more
information. They will be happy to explain the program in more
detail.